Mercuria Energy Group Ltd is a Cypriot-domiciled multinational

commodity trading A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing ...

company active in a wide spectrum of global energy markets including crude oil and refined petroleum products,

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

(including LNG), power,

biodiesel Biodiesel is a form of diesel fuel derived from plants or animals and consisting of long-chain fatty acid esters. It is typically made by chemically reacting lipids such as animal fat ( tallow), soybean oil, or some other vegetable oil ...

base metals A base metal is a common and inexpensive metal, as opposed to a precious metal such as gold or silver. In numismatics, coins often derived their value from the precious metal content; however, base metals have also been used in coins in the past ...

and agricultural products. The company is one of the world's five largest independent energy traders and asset operators and is based in

Geneva, Switzerland Geneva ( ; french: Genève ) frp, Genèva ; german: link=no, Genf ; it, Ginevra ; rm, Genevra is the second-most populous city in Switzerland (after Zürich) and the most populous city of Romandy, the French-speaking part of Switzerland. Situa ...

, with 37 additional offices worldwide. The group operates in 50 different countries. Mercuria was started in 2004 by Marco Dunand and Daniel Jaeggi, then executives at

Phibro Phibro is a global low-carbon commodity company, focused on renewable asstets' development, acquisitions, optimizations and related contract structuring. Phibro's strategy is based on a proven track record of combining market insight, disciplin ...

, the commodities trader sold by Citigroup to Occidental Petroleum in 2009. The company focused mostly on oil trading until 2007. Prior to this, Mercuria was assumed control of J&S Group, which was named after the Ukrainian-Polish businessmen Grigorij Jankilevitsch and Vyacheslav Smolokowski. They and their affiliates joined as founders of Mercuria, and they remain as shareholders today.

Operations

Mercuria moves about , of crude and oil products and has upstream and downstream assets ranging from oil reserves in Argentina, Canada and the United States, to oil and products terminals in Europe and China, as well as substantial investment in the bio fuels plants in Germany and the Netherlands. Its subsidiaries include Navitas Energy in Canada and Vesta Terminal Services in Europe, which operates port logistics, storage and processing facilities in the Netherlands, Estonia, Belgium, and Germany. Mercuria, the former owner of Vesta Terminal, entered into a joint venture with

Sinopec China Petroleum & Chemical Corporation (中国石油化工股份有限公司) or Sinopec (), is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai. Sinopec Limited's parent, Sinopec ...

by selling 50% of the terminals in 2013. Mercuria is active players in energy and renewable markets through investments in the energy transition, with a particular focus on the United States and Europe. The company tells Bloomberg half of its portfolio will be in renewables in the next five years, and has already committed to invest over $2 billion into the energy transition.

History

As the company expanded, it has hired traders and investment professionals from

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

, Goldman Sachs,

Louis Dreyfus Group Louis Dreyfus Company B.V. (LDC), also called the Louis-Dreyfus Group, is a French merchant firm that is involved in agriculture, food processing, international shipping, and finance. The company owns and manages hedge funds, ocean vessels, dev ...

and

Electrabel Electrabel SA is a Belgian energy corporation. It is a subsidiary of French multinational utility company Engie S.A. (formerly GDF Suez). History Electrabel was established in 1905. Its actual name originates from 1990, after the regrouping of t ...

in London. In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC. The Miami, Florida-based MGM International Group is a developer of international projects to reduce greenhouse gas emissions. In 2014, Mercuria bought part of

JPMorgan JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the w ...

's physical commodities trading business for a reported US$3.5 billion. Magid Shenouda, the former co-head of commodities trading at Goldman Sachs Group Inc, joined Mercuria as a shareholder, global head of trading and deputy CEO. In January 2016, Mercuria announced that

ChemChina China National Chemical Corporation, commonly known as ChemChina, is a Chinese state-owned chemical company in the product segments of agrochemicals, rubber products, chemical materials and specialty chemicals, industrial equipment, and petroch ...

had bought a 12% stake in the company. Mercuria also acquired the reorganized

Aegean Marine Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland. It was founded in 2019 as a wholly owned subsidiary of Mercuria Energy Group. It quickly absorbed the larger Aegean Marine Petroleum Net ...

which was renamed

Minerva Bunkering Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland. It was founded in 2019 as a wholly owned subsidiary of Mercuria Energy Group. It quickly absorbed the larger Aegean Marine Petroleum Ne ...

. In 2019, Mercuria acquired bankrupt Aegean Marine Petroleum Network Inc and restructured the company to operate as

, a leading global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited. In 2020, Mercuria had its best year ever, earning $786 million with revenues in line with commodity prices to about $85 billion. The company's gross profit on sales for the year was $1.86 billion. In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. In November 2022, it was announced Beyond6 has been acquired by the Chevron Corporation subsidiary, Chevron USA Inc.

Subsidiaries

* Mercuria Commodities Canada Corporation *

* Mercuria Energy Netherlands B.V. ** Unico Investments B.V. * Mercuria Energy Group Holding * Mercuria Investments US * Mercuria Energy Asset Management B.V. * Mercuria (China) Metal Resources Co Ltd * J.P. Morgan Energy Europe Ltd * Upstream Capital Partners VI Limited * AU Energy B.V. * Mercuria Energy Group Holding SA * Mercuria UK Llp

References

{{Reflist

External links

Mercuria Energy Website
Oil and gas companies of Switzerland Oil traders Swiss companies established in 2004 Non-renewable resource companies established in 2004 Multinational companies headquartered in Cyprus Oil and gas companies of Cyprus

Operations

History

Subsidiaries

Further reading

References

External links